Key Takeaways
- • Muzinich BDC Income Fund - Active ETF (ASX:BDCI) holds 24 US-listed business development companies that lend to middle-market businesses, giving Australian investors indirect exposure to US private credit.
- • Ares Capital (13.47%), Golub Capital BDC (9.88%) and Main Street Capital (8.71%) are the largest holdings, with the top ten making up 70.37% of the fund.
- • The fund carries management fees and costs of 0.95% a year, is benchmarked to the S&P BDC PR USD index, and was admitted to the ASX on 1 April 2026.
- • Market value is split 60.89% in companies below $500 million and 39.11% between $500 million and $1 billion, with 100% US exposure and 94.17% held in stock.
Summary
BDCI, the Muzinich BDC Income Fund - Active ETF, traded at $19.30 on 30 October 2026, up 2.22% from a previous close of $18.88, with 258 units changing hands in the session against average daily volume of about 1,617 units, according to Kalkine's report. The fund offers Australian investors exposure to private lending through US business development companies (BDCs), which are listed firms that make loans to smaller and mid-sized companies. Because the fund holds the listed lenders rather than the operating companies they fund, its stock exposure is to the credit businesses of those lenders.
The fund's ISIN is AU0000459737 and its management fees and costs are 0.95% a year. It is benchmarked to the S&P BDC PR USD index and sits in the Alternative - Private Debt category. The portfolio typically holds between 20 and 45 BDCs, with diversification across managers, sectors and credit ratings. The current 24 holdings are concentrated at the top: Ares Capital (13.47%), Golub Capital BDC (9.88%), Main Street Capital (8.71%), Blackstone Secured Lending (8.21%), Hercules Capital (7.42%), Sixth Street Specialty Lending (6.21%), Morgan Stanley Direct Lending (4.49%), Capital Southwest (4.26%), Bain Capital Specialty Finance (4.01%) and Blue Owl Capital (3.65%).
By market value, 60.89% of the fund sits in companies below $500 million and 39.11% in companies between $500 million and $1 billion. The fund is 100% US-exposed, with stock holdings at 94.17% and cash at 5.83%. The selection is active, with managers choosing which BDCs to hold and how much weight to give each.
According to the report, BDCs generally lend at floating rates to middle-market companies, so their income tends to track short-term interest rates, and their share prices can vary with credit conditions across the lending market. Kalkine characterises the fund as a diversified basket of US private credit lenders with a broad spread beyond its largest exposures. The article notes that the content is general in nature and is not financial advice.
The fund's ISIN is AU0000459737 and its management fees and costs are 0.95% a year. It is benchmarked to the S&P BDC PR USD index and sits in the Alternative - Private Debt category. The portfolio typically holds between 20 and 45 BDCs, with diversification across managers, sectors and credit ratings. The current 24 holdings are concentrated at the top: Ares Capital (13.47%), Golub Capital BDC (9.88%), Main Street Capital (8.71%), Blackstone Secured Lending (8.21%), Hercules Capital (7.42%), Sixth Street Specialty Lending (6.21%), Morgan Stanley Direct Lending (4.49%), Capital Southwest (4.26%), Bain Capital Specialty Finance (4.01%) and Blue Owl Capital (3.65%).
By market value, 60.89% of the fund sits in companies below $500 million and 39.11% in companies between $500 million and $1 billion. The fund is 100% US-exposed, with stock holdings at 94.17% and cash at 5.83%. The selection is active, with managers choosing which BDCs to hold and how much weight to give each.
According to the report, BDCs generally lend at floating rates to middle-market companies, so their income tends to track short-term interest rates, and their share prices can vary with credit conditions across the lending market. Kalkine characterises the fund as a diversified basket of US private credit lenders with a broad spread beyond its largest exposures. The article notes that the content is general in nature and is not financial advice.
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